Lubert-Adler Management Company, L.P. and its Relying Advisers (together with its associated advisory, management and general partnership entities, “Lubert-Adler”) is a real estate investment management firm co-founded in March 1997 by Ira M. Lubert and Dean S. Adler. Messrs. Dea n Lubert and Adler collectively have over 70 years of experience in underwriting, acquiring, repositioning, refinancing and exiting real estate assets and are still active in the management of Lubert Adler. Lubert-Adler’s investment team consists of more than 25 experienced professionals with strong backgrounds in real estate acquisition, redevelopment, asset management, distressed restructurings, structured finance, and capital markets. Additionally, Lubert-Adler has established an extensive network of industry relationships and strategic third-party operating partners, who are critical in creating real estate transaction flow. Lubert-Adler provides investment management services to its sponsored private real estate funds including certain previously launched permitted investment vehicles and single investor Funds, all of which are organized as privately offered pooled investment vehicles (collectively known as the “Funds” or “Lubert-Adler Funds”). The Funds will invest in real estate or real estate related investments. The Funds will typically invest equity and have the majority ownership of an underlying joint venture partnership or limited liability company (“Joint Venture Entities”) that invest in the underlying real estate asset, and invest in such Joint Venture Entities, alongside with a third- party operating partner and/or co-investor. The Funds typically retain approval rights over certain major decisions but in certain Funds, may control Joint Venture Entities, while the operating partners typically control the day-to-day management of the joint venture and receive compensation from these joint ventures for their services. Depending upon the services which the operating partner performs, their compensation may include, but not be limited to an asset management fee, property management fee, leasing fees, development fees, consulting fees, a promote or carried interest, or one or more of such fees. Such compensation paid to these third-party operating partners will not offset Lubert-Adler’s management fees or be treated as “special income.” For the Funds or Joint Venture Entities in which there isn’t a third-party operating partner, Lubert-Adler or the Fund may hire consultants to perform similar functions at the expense

of the Fund. Sometimes, additional special purpose entities are included in the ownership structure for tax, financing, control or other purposes. Therefore, any references to a real estate investment generally will include direct or indirect ownership in a Joint Venture Entity which, in turn, directly or indirectly owns the underlying real estate. For its private credit lending strategy Funds, Lubert-Adler will typically invest in senior secured loans, preferred equity or mezzanine debt that are secured or backed by one or more real estate assets including multifamily, office, retail, industrial, hotel properties, hospitality recreational vehicle parks, storage facilities, single-family residential, mixed-use properties or any other real estate asset classes that are located in the United States of America. These underlying assets are generally classified as “value-add” rental assets and may include recapitalizations of such properties. References herein to Lubert-Adler will include, as the context requires, various entities controlled by Lubert-Adler or its partners and entities in which Lubert-Adler provides investment management services, such as affiliated general partners and management companies (i.e., Relying Advisers). Lubert-Adler serves as a general partner to the Lubert-Adler/Laramar Urban Neighborhood (“Urban Fund”), along with an unaffiliated third-party general partner. The Funds are intended only for investment by “accredited investors,” “qualified clients” and “qualified purchasers” as those terms are defined under the federal securities laws. Each Fund’s investment objective includes providing a certain level of returns net of fees and expenses as described in detail in each of the Fund’s offering documents. In pursuit of each Fund’s investment objective, Lubert-Adler utilizes a value-oriented combination of opportunistic acquisition philosophies with value enhancement programs. Lubert-Adler’s advice is generally limited to real estate and real estate related investments, although certain other types of investments may be utilized in various circumstances. Lubert-Adler tailors its advisory services to the specific needs of each Fund to the extent that certain investments cannot be held by certain Funds for legal or tax purposes. As of December 31, 2023, Lubert-Adler managed approximately $2,823,960,547 of regulatory assets under management. These regulatory assets under management include assets managed on a nondiscretionary and discretionary basis.